Another Objection To UIGEA Regulations

27.02.2008, Lesen Sie hier den Bericht über «Another Objection To UIGEA Regulations».

Senators fear proposed rules would inordinately burden US financial institutions

The raft of objections already submitted to the U.S. Treasury Department and the Federal Reserve criticising the Unlawful Internet Gambling Enforcement Act regulations was joined this week by a letter from two Republican senators.

Senators John Sununu and Pete Domenici suggested to U.S. Treasury Secretary Henry Paulson and Federal Reserve System Board of Governors Chairman Ben Bernanke that the regulations being set up are creating too much hardship for the banks that would have to implement the ban on online gambling transactions.

Last year, the Bush administration published much delayed proposals for regulations designed to give teeth to the UIGEA, which passed Congress in late 2006. The government asked for comment on the proposals.

The Senators opined that while the October Notice of Proposed Rulemaking contained certain guidance for the regulated community, it "...leaves sufficient ambiguity as to what sort of transactions are to be blocked. In failing to provide more detail, the proposed rules would inordinately burden every bank, credit union, credit card company, money transmitting business and payment system in the country, leading to non-uniform compliance and confusion.

"This issue is particularly important, as most federal and state gambling laws predate the Internet, and are less than specific as to their application to particular practices or circumstances."

The Senators continue: "The extensive public comments received on this issue highlight the likelihood that risk-averse financial institutions will simply choose to block every transaction that may be interpreted or could resemble gambling, whether legal or not. "Knowing that this is not your intention, we write to urge that any final rules contain a list of restricted transactions and instances that are covered by the law and the corresponding rules.

"As an alternative, we suggest you consider separating the rules into those forms of activities for which there is settled federal law (i.e., defined by the Professional and Amateur Sports Protection Act (PASPA)) and those that are not. This would allow immediate implementation for known activities, while providing greater time to determine what other transactions are to be captured."

Government officials have thus far been reluctant to identify specific practices on which financial institutions should act, generating concern in the banking industry that is largely being required to implement the UIGEA ban on Internet gambling financial transactions.

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